Thousands of jobs are at risk as construction giant Carillion - the firm which built GCHQ - announced this morning it is entering liquidation.

Carillion, which in 2003 built GCHQ's iconic "doughnut" building in Cheltenham, said it has "no choice but to take steps to enter into compulsory liquidation with immediate effect" after emergency talks to rescue the company fell through.

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"Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period.

"In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision.

"We understand that HM Government will be providing the necessary funding required by the Official Receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers."